I don't know where to begin as I write to anyone checking this forum. The only thing that I can say is that Ameriquest was the worst thing that ever happened to me. I was referred by a friend to work here and inquired in 12/99. I had no mortgage experience but a solid 6 years in sales, including 4 at my previous job. My friend told me that I would make more $ than I ever made in my life. I quit my job and embarked into this new career.
Fast forward your clock to 2 months later at the job. My boss, Ed Brightman, pulled me aside and told me that my 3-4 loans was O.K., but it would not guarantee me a future at Ameriquest. Anything that I had done was on my own and done perfectly legal up until this point with absolutely NO training. Any assistance I needed was through people that had already worked there and knew the ropes. Still, I wondered what made me different from the top performers that were selling 10-15 loans a month and making good $. I had heard them on the phone and really wasn't that impressed. I was informed that some loans required "creativity " in order to go through. When I inquired what that meant, they told me that certain appraisers would give you the value that you needed and certain title companies can pay liens outside the mortgage without reporting them! I thought, " Wow, This is Great!" I can't believe all the loans I let go down the tubes.
Fast forward... 6 months later. I had established myself as a top producer closing 8 loans average a month and was able to maintain it as well. Then one day, my boss Eddy, was instructing me on a particular loan. I explained that the income didn't work (debt-to-ratio), but he told me that if we signed this loan, we would hit our "kicker". This meant thousands of $ for him as well as a small boost in pay for myself. He explained that sometimes you have to get creative and Christina Sosa would fund it because he had good connections with her. This meant bank statement forgery and/or cash reserve forgery to gain approval.
Fast forward to 2/05... 2 women from corporate office come to do an internal audit. 9 people are fired for fraud including the manager. I was one of only 3 that remained. They couldn't pin anything on me as the majority of my files were "CLEAN". They only checked forgery and not the solicitation from title companies and/or appraisers. I had only directly forged the ones that my boss had pressured me to do. That was only a couple out of many. A new boss, Eugene O'Brien, came to town. He brought the 70 hour workweek and "professionalism" back into play. He threatened people daily about their job and asked me to help out with all the new hires.
The pressure that he received from upper mgmt. Propelled him to make all of our lives miserable. We were not producing as a team with all the new hires. I, nor anyone, dared to do the thigs that Eddy B. Made commonplace. (fraud and forgery) We moved forward as we were told and tried to sell loans with all the negative press in the papers.
Fast forward to May of this year. I receive my tickets to Big Spin. Wow. What an accomplishment! It's for all the top producers in Ameriquest. An all-expense paid trip to Vegas withcash prizes and fun! One week later. 2 women come in to interview the 3 remaining from the 1st administration. (including myself) I revealed to them what I knew about the situation. They pulled out the file that Ed Bightmsn told me was the kicker loan. They said the loan had fraudulent activity and I told them the story from start to finish! I was fired. They forfeited my trip to Vegas and I was now unemployed.
Looking back, it was the best thing that ever happened to me. I had developed gambling problems and social issues with all the newfound money I had. I lost most of what I gained. I have started a new position with a reputable company and gained my confidence back. I no longer have the problems I had while I was working there even if I'm earning less money. For anyone that I hurt or had a negative impact on, I'm truly sorry. I really didn't realize that I was to blame. It had absolutely nothing to do with monetary gain on my part. I thought that I was "doing the right thing. "For any prospective clients, read your documents and papers before you sign anythng to your home.
If you don't understand the terms, ask someone to review it that does! Don't get caught up in their bullsh$#%t about a 48-hour close! This is your house and not a credit card. Reputable lenders will not force you to close in 2 days! Educate yourselves... Come on! P.S. I always wondered what type of recourse I had to nail these bastards once and for all... Signed. Moving on
0 comments